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This volume focuses on the analysis and measurement of business cycles in Brazil, Russia, India, China and South Africa (BRICS). Divided into five parts, it begins with an overview of the main concepts and problems involved in monitoring and forecasting business cycles. Then it highlights the role of BRICS in the global economy and explores the interrelatedness of business cycles within BRICS. In turn, part two provides studies on the historical development of business cycles in the individual BRICS countries and describes the driving forces behind those cycles. Parts three and four present national business tendency surveys and composite cyclical indices for real-time monitoring and forecasting of various BRICS economies, while the final part discusses how the lessons learned in the BRICS countries can be used for the analysis of business cycles and their socio-political consequences in other emerging countries.
Globalization. --- Macroeconomics. --- Economic history. --- Statistics. --- Econometrics. --- Economic growth. --- Emerging Markets/Globalization. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic History. --- Statistics for Business, Management, Economics, Finance, Insurance. --- Economic Growth. --- Economics --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economics, Mathematical --- Statistics --- Statistical analysis --- Statistical data --- Statistical methods --- Statistical science --- Mathematics --- Econometrics --- Economic conditions --- History, Economic --- Markets. --- Statistics . --- Public markets --- Commerce --- Fairs --- Market towns --- Països emergents --- Creixement econòmic --- Condicions econòmiques --- Activitat econòmica --- Aspectes econòmics --- Condicions socioeconòmiques --- Situació econòmica --- Vida econòmica --- Cost de la vida --- Desenvolupament econòmic --- Anàlisi econòmica --- Desenvolupament humà (Sociologia) --- Política de desenvolupament --- Producte interior brut --- Producte nacional brut --- BRIC --- BRICS --- Nous països industrialitzats --- Noves economies industrials --- Països BRICS --- Països en vies de desenvolupament
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This volume focuses on the analysis and measurement of business cycles in Brazil, Russia, India, China and South Africa (BRICS). Divided into five parts, it begins with an overview of the main concepts and problems involved in monitoring and forecasting business cycles. Then it highlights the role of BRICS in the global economy and explores the interrelatedness of business cycles within BRICS. In turn, part two provides studies on the historical development of business cycles in the individual BRICS countries and describes the driving forces behind those cycles. Parts three and four present national business tendency surveys and composite cyclical indices for real-time monitoring and forecasting of various BRICS economies, while the final part discusses how the lessons learned in the BRICS countries can be used for the analysis of business cycles and their socio-political consequences in other emerging countries.
Political philosophy. Social philosophy --- Statistical science --- International relations. Foreign policy --- Macroeconomics --- Quantitative methods (economics) --- Economic growth --- Developing countries: economic development problems --- Mathematical statistics --- Business economics --- World history --- composieten --- statistiek --- macro-economie --- economische groei --- economische geschiedenis --- globalisering --- econometrie
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Political philosophy. Social philosophy --- Statistical science --- International relations. Foreign policy --- Macroeconomics --- Quantitative methods (economics) --- Economic growth --- Developing countries: economic development problems --- Mathematical statistics --- Business economics --- World history --- composieten --- statistiek --- macro-economie --- economische groei --- economische geschiedenis --- globalisering --- econometrie
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A study of business cycles defined as sequences of expansions and contractions in the level of general economic activity does not require trend estimation and elimination, but a study of growth cycles defined as sequences of high and low growth phases does. Major cyclical slowdowns and booms deserve to be analyzed along with classical recessions and expansions, but the needed time series decomposition presents difficult problems, mainly because trends and cycles influence each other. We compare cyclical movements in levels, deviations from trend, and smoothed growth rates of the principal measures of aggregate economic activity - the quarterly real GDP and the monthly U.S. Coincident Index - using the phase average trend (PAT). Then we compare alternative trend estimates, deterministic and stochastic, linear and nonlinear, and the corresponding estimates of 'cyclical components,' that is, series of deviations from these trends. We discuss how these measures differ in terms of the patterns, timing, amplitudes, and smoothness of the resulting estimates of U.S. growth cycles in the post-World War II period. The results of PAT show great similarity to the results obtained with the H-P and band-pass filtering methods, but in matters of detail PAT is often superior.
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A major shortcoming of the U.S. leading index is that it does not use the most recent information for stock prices and yield spreads. The index methodology ignores these data in favor of a time-consistent set of components (i.e., all of the components must refer to the previous month). An alternative is to bring the series with publication lags up-to-date with forecasts and create an index with a complete set of most recent components. This study uses tests of ex-ante predictive ability of the U.S. leading index to evaluate the gains to this new 'hot box' procedure of statistical imputation. We find that, across a variety of simple forecasting models, the new approach offers substantial improvements.
Economic forecasting --- Economic indicators --- Stock price forecasting
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This paper looks at the patterns of causation between income, export, import, and investment growth for 25 developing countries. Our approach differs from previous efforts in a number of ways. First, we examine each country individually in order to allow for complete heterogeneity and properly account for the stochastic trending properties of the data. Second, we apply novel model selection techniques which are based on in-sample goodness-of-fit criteria and ex-ante predictive ability criteria to identify the best model for each country. Finally, we propose a rather novel device based on simple contingency tables which allows us to assess whether our models are capable of accurately predicting turning points in GDP growth. We find that countries with high trade exposure fare poorly in this dimension and posit that the GDP growth in such countries is best modeled using an index of global business cycle conditions, in addition to the above variables. Overall, we find that in around two thirds of the countries examined, growth is best explained by exports and/or imports. Further, and in contrast to previous findings of bi-directional causality, around 70% of the countries exhibit uni-directional causality.
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